Monadnock’s Microunit Development is ‘Stacking Up’

New York—”Stacking” has begun at Monadnock Development’s Carmel Place, a micro-apartment property at 335 East 27th St. in the Kips Bay neighborhood of Manhattan. The stacking process involves the placement of pre-fabricated units to form the nine-story, 55-unit development, and it will be ongoing through mid-June. The building will be complete before winter.

Micro indeed: units at Carmel Place will consist of studios ranging from 260 square feet to 360 square feet. Each unit will feature 9-foot, 6-inch ceilings, Juliet balconies and overhead storage. nARCHITECTS designed the building.

Common amenities include a virtual doorman, a gym, resident lounge, outdoor terrace, laundry room and tenant storage, including bike storage. Kips Bay is on the East River, south of Murray Hill, north of Gramercy Park and east of NoMad.

Twenty-two of the units will be affordable for formerly homeless veterans and low- and middle-income families. The remainder will rent at market rate, for about $2,000 to $3,000 a month.

The developer won the New York City Department of Housing Preservation and Development’s adAPT NYC competition for creating a model for the future of value-driven housing in New York City. Leasing for Carmel Place is slated to begin by the end of this year.